This paper aims to highlight the need to monitor the macroeconomic innovation effort and diagnose its linkage with business returns. It constitutes a basic approach about intellectual property as a key driver towards better strategic and financial performance achievements.

The need to save and protect the environmental goods and services against the uncontrolled human consumption and interventions led to the institutionalization and creation of the Conservation Units. And these, in addition to ensuring the conservation of a certain biome's natural patrimony and biodiversity, carry with them environmental, social, economic, cultural values, among others, attributed by people, due to the use and non-use of their environmental goods and services. For the evaluation of the values related to that kind of unit, this work took place in the São Jorge District, City of Alto Paraíso de Goiás, State of Goiás, Brazil, in the Chapada dos Veadeiros National Park (PNCV), with the intention of evaluate the importance of the Conservation Unit in the context of the development of the region, identifying the values that people (residents and visitors) attribute to the Park's set of goods and services and the District surroundings. At first, it became a study case of the elapsed historical context in the region, to analyze the socioeconomic activities developed there since the time of mining, until the tourism arising from the National Park, in order to apprehending the notion of value of the local residents. Then proceeded to a environmental valuing, based in the Travel Cost Method, to measure the values that the visitors attribute to the PNCV's set of goods and services, according to their expenses with the travel. It was found that the Park represents a range of values for the residents of the District and surroundings, since the economic, environmental and sociocultural, constituting in a element of development to the region. To the visitors, the highlighted values refer to the monetary, related to the travel cost, which reveals a willingness to pay for the goods and services that the PNCV has. Were also obtained, but not measured, non-monetary values related to knowledge, social interaction, culture, among others, that a travel like this provides.

Ilha de Guaratiba, porção periférica da zona oeste do Rio de Janeiro, caracterizada como um dos últimos remanescentes rurais da cidade, passa atualmente por um processo de mudança de função, uma vez que sua pretérita estrutura rural-agrícola, devido a uma crescente especulação imobiliária após as décadas de 1970 e 1980, vem sendo substituída pela hodierna estrutura urbano-residencial (FERNANDES, 2006). O evento em questão tem estimulado uma considerável mobilidade em direção ao local, principalmente a partir da década de 1990. Além desse relevante evento para nossa análise espacial, por meio de pesquisas qualitativas, pretendemos focalizar outro fenômeno, de porte existencial, pois está vinculado a uma metamorfose sentimental do guaratibano que, no bojo desse processo, tem sido influenciado em sua maneira de viver e/ou ver o seu mundo vivido. Uma vez que, o indivíduo não é distinto de seu lugar (RELPH, 1976) e cada pessoa possui uma geografia particular e pessoal (LOWENTHAL, 1982; COSGROVE, 2004), faz-se necessário uma abordagem fenomenológica que privilegie o indivíduo em seu lugar. Assim sendo, a dissertação tem por objetivo abordar o fenômeno gerado pelo referido processo de urbanização em Ilha de Guaratiba em suas diversas nuances, partindo do enfoque dos principais agentes desse processo: os guaratibanos. Com esse fim, pretendemos traduzir suas geografias pessoais, forjadas por meio de suas experiências vividas, vivência esta responsável pela construção de símbolos pretéritos e hodiernos e de uma forte identificação com seu lugar.

Esta pesquisa tem como objetivo ressaltar a relevância da utilização do gênero textual carta do leitor nas aulas de Língua Portuguesa como recurso para ampliar a competência textual e argumentativa dos discentes. Visando explorar as características funcionais e estruturais da carta, é possível despertar nos estudantes um conhecimento aplicável aos demais gêneros de tipologia argumentativa e enriquecer, consequentemente, suas observações como leitor, pois o trabalho com a carta promove a análise e a reflexão de seu conteúdo e de seus elementos composicionais. Tendo em vista os princípios da Linguística Sistêmico-Funcional, o trabalho foi desenvolvido seguindo os pressupostos das Metafunções da Linguagem (HALLIDAY; MATTHIESSEN, 2004) e da Teoria da Valoração (MARTIN; WHITE, 2005). O corpus analisado é composto de quatro cartas do leitor, avaliadas de forma demonstrativa, e outras vinte e seis, apresentadas com avaliações qualitativas e quantitativas por meio de tabela. Também são utilizados trechos selecionados de outras dez cartas do leitor. O material engloba as trocas interpessoais e as ocorrências de Engajamento, Julgamento e Apreciação. O texto dos autores das cartas foi analisado por meio da identificação de marcas linguísticas de interpessoalidade e, principalmente, de Valoração. Além disso, outros eixos temáticos são explorados, como os cortes impostos às cartas, que criam a carta do editor , e a importância da revisão textual. Os resultados quantitativos e qualitativos da pesquisa revelam que as cartas são escritas com a finalidade de estabelecer trocas de informações e opiniões acerca de comportamentos humanos e, às vezes, de avaliações estéticas de composição, de reação ou de valor social, em que o posicionamento do autor é revelado por seu Engajamento autoral. Desse modo, verifica-se que o uso das cartas do leitor, em sala de aula, possibilita aos alunos ampliar as competências de exposição de ideias, de interação com o interlocutor e de inserção em diferentes práticas sociais

This paper uses equity analysts' forecasts for Brazilian firms to analyze whether there are significant differences between the results from the estimation of equity value when applying the discounted cash flow model (DCF) and the residual income model (OHLSON). The approach used in this research is pioneer, considering that previous papers comparing valuation models in Brazil used researchers' assumptions, based on public information, to implement the valuation models. However, the correct implementation of these models relies on market expectations (i.e. equity analysts) to calculate equity values. Additionally, we evaluate what model (DCF or OHLSON) better explains the Price-to-Book relation for future periods. Conclusions are: i) there are statistically significant differences for estimates of equity value when using discounted cash flow models and residual income models, and ii) Price-to-Book ratios calculated through discounted cash flow models have higher explanatory power for future Price-to-Book ratios than the estimates of this ratio using residual income valuation models.

This work is focused on studying cultural ecosystem services (CES) and mapping them in the Portuguese municipality of Almada in order to understand how to incorporate this knowledge in urban planning and environmental policy-making processes. Cultural ecosystem services are the “nonmaterial benefits people obtain from ecosystems through spiritual enrichment, cognitive development, reflection, recreation, and aesthetic experiences” (Millennium Ecosystem Assessment, 2005). CES sometimes can be more important to society when compared to material benefits, being their intangible and subjective features indispensable to human well-being and part of the structures and functions humans need and want. Some benefits of CES are the reduction of urban population stress, the development of concentration and cognitive capacities, the increase of physical activity, and the boost of social and health benefits for the population. CES studies benefit urban planning, design and management. This research aims to further assess the type of uses and the negative characteristics of urban green spaces (UGS) in this municipality. The main research objectives are to map the perception of citizens about the role of CES in Almada; to understand the different uses of CES in the urban green and blues spaces; and finally to understand how ecosystems services are considered in the spatial planning instruments and local public policies of the municipality in order to find opportunities for improvement and for strengthening the valorization of CES at the local level. The mapping was done through a social valuation method (participatory approach) with the use of a GIS online survey – PPGIS method to Almada’s residents. Hotspots maps and correlations analyses were done through statistical tests and QGIS heatmaps to understand better were CES, type of UGS uses and negative characteristics are located, correlations between CES and uses, and frequency of them. This research work allows to give new information to Almada municipality about their UGS and to provide some recommendations on how to improve planning and management of the municipality territory. Also, this research can be replicated in other municipalities with interests to improve their UGS management and planning.

Xylem Inc. (“XYL”) engages in the design, manufacture, and servicing of engineered products and solutions for water and wastewater applications in the United States, Europe, the Asia Pacific, and internationally. Xylem’s business is split into three segments: Water Infrastructure, Applied Water, and Measurement & Control Solutions, with a 2020FY US$8.75Bn in total assets and a market capitalization of US$24.3Bn. Xylem Inc. has a SELL recommendation, with a 2022YE of US$96.4/share, translating into a downside potential of 28.6% or a potential annualized return of -15.5%, against the closing price of US$135.1 on August 25th, 2021, with medium risk. The current overvaluation of Xylem Inc’s shares is mainly due to i) a disconnect between its stock price, which has increased substantially over the past year, while its business is down massively, but also due to ii) inflationary market conditions. Xylem has a business strategy that is focused on sustainability, which they believe is at the core of their competitive advantage and business model. The Measurement & Control Solutions (M&CS) segment, which became active only in 2016, focuses to strengthen innovation and technology to improve smart metering and efficiency, and consequently decrease non-revenue water. M&CS is expected to grow at a higher rate compared to Xylem’s other two business segments, reaching YoY 2022F growth of 10%. In addition, Xylem has a solid financial position and has been consistently increasing dividends payments at an average rate of 13.1% over the past five years, even when net income has decreased YoY. The long-term target of $3.5B in capital for deployment also makes credible the assumption of a buyback program or to continue to pay large dividend payouts in the near future.

This Equity Research Report on Hermès International follows the research report format recommended by the CFA Institute, reflecting public information available until June 14, 2024. The report begins with a comprehensive business description, including an introduction to Hermès' history, a detailed analysis of each business segment, and the company's future strategies. Additionally, the report highlights Hermès' investments in Environmental, Social, and Governance (ESG) initiatives. An in-depth industry analysis covers fashion luxury trends, the economic outlook and the supply and demand drivers within the industry. The competitive positioning of Hermès is assessed using a SWOT analysis. Hermès International, a leading luxury fashion company, is engaged in the design, manufacturing, and marketing of a diverse range of high-end products. This report issues a BUY recommendation for Hermès, with a year-end 2024 price target (PT) of €2,411.03 per share. This target, derived using a Discounted Cash Flow (DCF) model, indicates an upside potential of 14.16% over the next 6.5 months, relative to the closing price of €2,112 per share as of June 14, 2024, and categorizes the investment as Medium Risk. The recommendation is primarily supported by three key factors: i) Hermès' historical and consistent revenue growth, ii) its competitive advantage over other luxury brands and ii) its outstanding reputation in the market. The valuation of Hermès was conducted using the Free Cash Flow to Equity (FCFE) model, complemented by other valuation methods including Free Cash Flow to the Firm (FCFF), Dividend Discount Model (DDM), and Relative Valuation. However, the company's valuation is subject to several risks. Increasing consumer emphasis on sustainability poses significant challenges. Concerns among activist shareholders regarding Hermès’ environmental practices and low ESG scores suggest that the company must enhance its efforts in addressing these areas. Additionally, despite Hermès' strong vertical integration, risks include potential supply chain disruptions and reputation damage.